The housing market might be losing out to the concerns of uncertainty. Experts believe that hopeful home buyers are heeding warnings that caution might be a good tactic as Brexit deals are in discussion. There are also experts that believe no matter the outcome, home buyers will return with enthusiasm to purchase property.

So where are the home buyers?

There are low interest rates to be found from lenders and home sellers are becoming more assertive to make a deal with buyers. In other words, there are opportunities available now and they aren’t expected to go away making the environment still friendly for home buyers.

In September, one month after the Bank of England’s Monetary Policy Committee (MPC) increased the standard base interest rate to 0.75%, mortgage approvals reached a seven month low. Higher interest rates are considered a deterrent to hopeful home buyers rushing to buy.

The decline is being blamed on many factors, including the before mentioned lack of confidence with Brexit uncertainty. Another issue facing home buyers besides higher interest rates is a less competitive environment among lenders seeking the attention of home buyers. Lenders could be more concerned with gaining the attention of remortgaging homeowners which have continued to show strong demand for remortgages than wary property buyers.

Home buyers haven’t become disenchanted with the home ownership. They are perhaps waiting it out to find sellers willing to make a deal that offers them a more affordable deposit. They could be waiting for a lender to match the opportunities missed from earlier in the year when they were shopping and not yet ready to take action. Of course, they could be waiting to see what happens with Brexit and allow their confidence to steady in the shadow of the outcome.

Mortgage reports in the near future will likely speak of more slowdowns in the housing market, but it isn’t a red flag at this time. It is, as experts remark, a housing market and lending market that has to offer more opportunity for those anxious to be homeowners but cautious due to the uncertainty that looms ahead.